The Ultimate Guide to First-Time Buyer Mortgage Deals: October 2023

Navigating the world of mortgages can be overwhelming for first-time buyers, especially with the variety of options available. In October 2023, several banks have revised their offerings, making it a great time for buyers to explore their choices. This article highlights the best fixed-rate mortgage deals for first-time buyers seeking low deposit options.

Lowest Two-Year Fixed Rates for First-Time Buyers

Co-operative Bank: Unbeatable Rates

The Co-operative Bank for Intermediaries recently announced a reduction in select rates, now offering the most competitive two-year fixed rates. For buyers with a 10% deposit, you can secure a deal with a Loan-to-Value (LTV) ratio of up to 90% at an appealing 4.29%. If your deposit is as low as 5%, the bank offers a competitive rate of 4.74% for a 95% LTV mortgage.

Both options come with a £999 arrangement fee, including a free valuation and £250 cashback. These products are available across Great Britain, but applications must be processed through selected intermediaries.

West Brom Building Society: Competitive Offerings

West Brom Building Society continues to offer a two-year fixed rate at 4.74% for buyers seeking a maximum LTV of 95%. Unlike Co-operative Bank, borrowers can apply directly or through intermediaries, and they’ll receive a free valuation up to £740.

Additionally, West Brom BS provides another option at 4.88% for the same LTV limit, which has no product fees, making it a Moneyfacts Best Buy. This deal also includes a free valuation (up to £740) and is available in England and Wales.

First-Time Buyers Seeking Fee-Free Options

Halifax and Lloyds Bank: Attractive 10% Deposit Deals

Those with a 10% deposit should consider mortgage deals from Halifax and Lloyds Bank, both available at 4.50% without any product fees. These deals are accessible across Great Britain and Northern Ireland, featuring a £250 Green Home cashback for properties with an Energy Performance Certificate (EPC) rating of 81 or higher.

Long-Term Fixed Rate Solutions

Five-Year Fixed Rates from Halifax and Lloyds Bank

For first-time buyers looking for stability, Halifax and Lloyds Bank are currently offering the lowest five-year fixed rates at 4.38% for 90% LTV mortgages. With a £999 arrangement fee and £250 cashback for energy-efficient homes, these options are appealing for buyers prioritizing long-term investments.

Furness Building Society: Free Valuation and Cashback

For an alternative five-year fix, consider a product from Furness Building Society, featuring a rate of 4.39% for up to 90% LTV. This mortgage includes a free valuation up to £665 and £250 cashback, providing additional incentives for borrowers in Great Britain.

Special Offers for Buyers with 5% Deposit

Leek Building Society: A Cost-Effective Choice

First-time buyers with a smaller 5% deposit will be pleased to discover that Leek Building Society recently launched a new mortgage at 4.76%, complete with a £995 arrangement fee and a free valuation. This deal is available directly or through intermediaries in England and Wales.

First Direct: A No-Fee Alternative

Lastly, first-time buyers may also explore options without any upfront product fees, such as the five-year fix from First Direct at 4.84%. This Moneyfacts Best Buy is available across Great Britain and Northern Ireland and comes with a free valuation, providing added value for potential homeowners.

Conclusion

With a myriad of attractive mortgage options available for first-time buyers, now is an opportune time to explore the various offerings from different lenders. From competitive two-year fixes with lower deposit thresholds to longer-term options, there’s something for everyone in October 2023. Remember to consider factors such as arrangement fees, cashback offers, and eligibility requirements before making a decision. Happy house hunting!

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